Form 1099 Transactions are used to send payouts from the payer to each recipient throughout the year. TaxBandits will keep track of all this information and by utilising this data, 1099-NEC will be generated to the recipients at the year end and it will be notified via Webhooks. You can then review the 1099s and transmit them to the IRS for year end filing.
Here’s how Form 1099Transactions endpoint may be used:
- Post method will transmit payouts from the payer to each recipient and TaxBandits will keep track of all the transactions.
- Use the Get function to fetch information about a specific submission and its transactions for a particular payer.
- To delete the existing transaction, use the Delete method and provide the necessary fields.